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National Express hits new high as people everywhere pile onto buses

Overseas arm ALSA and the US division were the star performers

National Express -
UK revenues rose by 3.2% with a good summer helping the group to outperform a strong comparative period.

A bullish trading update sent shares in bus operator National Express PLC (LON:NEX) to a new all-time high.

Hot on the heels of a €1bn contract to run the buses in Casablanca announced yesterday, National Express reported sales in the three months to September rose by 14.5% while operating profits were 14.3% ahead.

Overseas arm ALSA and the US division were the star performers, helped by the increasing business in Morocco and a strong back-to-school period in the US.

UK revenues rose by 3.2% with a good summer helping the group to outperform a strong comparative period.

Dean Finch, chief executive said: "ALSA performed particularly well and our UK coach business grew despite lapping a very strong comparative period last year. 

"North America posted strong growth, boosted by both our WeDriveU acquisition and a good back-to-school performance including improved wage control.

"With these results, the further delay to Spanish concession renewal and our recent successes in winning, retaining and mobilising significant contracts, our outlook remains positive.”

Shares rose 1% to 457p.

Quick facts: National Express

Price: 449 GBX

LSE:NEX
Market: LSE
Market Cap: £2.3 billion
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